Paytm Money targets 20 million MF investors in 3 years, launch in 2 weeks

Vijay Shekhar Sharma, the founder of digital wallet Paytm that is soon launch its mutual fund distribution platform, said Paytm Money has set a target of adding 20 million customers in 1,000 days. As of June quarter, the industry’s folio tally stood at 74 million. On the sidelines of the Mutual Fund Summit 2018 that was held on Thursday, Sharma said Paytm Money will go live with its app in the next two weeks. He shared the latest number of signups on Paytm Money app had now crossed 750,000. He added in terms of assets under management, close to 90 per cent of the industry got empanelled with Paytm Money. However, Paytm Money would want 90 per cent of the 42 players in the industry to sign up. Sharma said Paytm Money would also be open to opportunities of working along with the distributor community, including independent financial advisors (IFAs).